Kuala lumpur: The Ministry of Entrepreneur Development and Cooperatives (KUSKOP) has channelled nearly RM9 billion under the 'Power Up 10K' initiative, supporting 250,000 Micro, Small and Medium Enterprises (MSMEs) across the country as of July.
According to BERNAMA News Agency, Entrepreneur Development and Cooperatives Minister Steven Sim Chee Keong said the figure formed part of the ministry's target to channel at least RM15 billion into the MSME sector this year. Sim emphasized that the funds disbursed not only directly benefited recipients but also had the potential to flow through wider supply chains and markets. He made these remarks at the Muslim Economic Development Agenda (APEM) 3.0 Convention today.
Sim also highlighted that under the Indian Entrepreneur Capital and Economic Stimulus Package (MUDRA) initiative launched by KUSKOP this year, 5,000 Indian entrepreneurs had received RM100 million in financing. Furthermore, KUSKOP is striving to simplify access to information on government financing schemes and assistance for entrepreneurs, especially small businesses.
He mentioned that the 'Hebatkan Perniagaan Malaysia' portal provided by the ministry lists various financing programmes offered by KUSKOP and other ministries, with about 140 schemes currently available. In addition, the financing allocation for the National Entrepreneurial Group Economic Fund (TEKUN Nasional) has been increased from RM300 million to RM1 billion this year. Applications for financing can now be submitted online, eliminating the need for applicants to visit its offices, marking a significant change in the agency's 30-year history.
Sim also urged the APEM organiser, Penang Muslim League, to establish strong strategic partnerships with the ministry, government agencies, financial institutions, cooperatives, and industry players to convert the convention's resolutions into high-impact programmes and business opportunities. He suggested that the APEM 3.0 platform could be reinforced through five strategic collaboration initiatives aimed at supporting Muslim entrepreneurs: a Financing and Market Access Clinic, Development Programme, Digital Transformation and Artificial Intelligence, APEM Business Matching Platform, and Business Scaling.